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I hold harmless agreement would have no impact on a criminal matter, so it would not protect her if there were any criminal matters brought forth. However, if she was not personally involved in the criminal activity, then she should not be held criminally responsible.
Well based on the info you have provided me, it sounds like the agreement relates to employment. In that case, it would not bar her from suing them for their self dealing, etc. I also think that even if the agreement would apply to more than employment issues, she could argue the behavior is criminal so isn't covered by the agreement.